Can I rely on Zillow to figure out the sales price of my property in Devon Park?
Zillow is a billion-dollar website that provides computerized estimates which purport to figure the value of each home in the United States. Zillow tries to reach this goal this task by using a complicated logarithm that compares factors which alter property values, but here's a story I have heard from real estate sellers in Northern Virginia:
Our home was recently appraised for 650K. Zillow estimates the value at 521K. The estimate makes us one of the lowest priced homes in the subdivision. We have all upgrades in our home and it is the largest of the homes that were originally built in this subdivision. It was appraised at 750K before 2009. Our home has a basement. Neighbors do not have basement on one side and you appraised higher. Really? -- James E. - Fort Hunt
If you Google the Internet for the phrase "Can I trust Zillow?" or "Can I trust Z-Estimates" you'll find countless complaints by angry homeowners and leery home shoppers who have discovered the hard way just out inaccurate Zillow's pricing can be. Many people in Devon Park say that Zillow's valuations have a margin of error of about 20%. Even if we assume the margin of error is only 10%, in Northern Virginia that means a "z-estimate" is only within $50,000 of the actual value. If the margin of error is an astounding 5% that means that a z-estimate is only within $25,000 of the asking price.
Yet Zillow (for now) remains popular with some buyers and sellers. Property owners and property shoppers should know that there is not a single neighborhood in Devon Park where either a bank or tax collector uses Internet for tax assessment or appraisals. Our professional advice is to take "valuations" from any online site at arm’s length. Putting too much trust into a computer can cause a great deal of confusion.
Contact one of our local experts today for a free comparative market analysis of your property's market value. We promise that a computer won't set the ideal price. Rather, your friendly neighborhood Nesbitt Realty real estate pro will measure the unique variables which make up your home's value.
